Exhibit 99.1
FROM: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Robert W. Weaver
(479) 361-9111
P.A.M. TRANSPORTATION SERVICES, INC.
ANNOUNCES RESULTS FOR THE FIRST QUARTER
ENDED MARCH 31, 2005
Tontitown, Arkansas, April 26, 2005 P.A.M. Transportation Services, Inc.
(NASDAQ: PTSI) today reported net income of $2,903,387 or diluted and basic
earnings per share of $.26 for the quarter ended March 31, 2005 compared to net
income of $2,030,817 or diluted and basic earnings per share of $.18 for the
quarter ended March 31, 2004. Operating revenues excluding fuel surcharges were
$80,108,475 for the first quarter of 2005, a 3.1% increase compared to
$77,673,436 for the first quarter of 2004.
Robert W. Weaver, President of the Company, commented, "Our continued efforts
over the last few quarters focusing on rates, cost containment and operational
efficiencies are producing more positive results. The results of our first
quarter ended March 31, 2005 show a 43% increase in net income and a 44%
increase in earnings per share versus our first quarter ended March 31, 2004.
These improved results are indicative that the changes we have focused our
efforts towards over the last several quarters are beginning to show benefits
and were the right moves for the company."
P.A.M. Transportation Services, Inc. will be holding a live conference call with
certain financial analysts to discuss the earnings release, the results of
operations, and other matters on Wednesday, April 27, 2005 at 1:00 p.m. CDT
(Please note that since the call will begin promptly at 1:00 p.m., you will
need to join at least ten minutes prior to that time.)
The public will be able to listen and participate in the conference
telephonically by dialing (800) 946-0706. Please ask to be joined to the P.A.M.
Transportation Services First Quarter 2005 Earnings Release Conference call. An
audio replay of the conference call will be posted on the Company's web site one
day after the meeting (www.pamt.com/investing/audio.html). In order to listen to
the replay, you will need a PC that is internet enabled and capable of playing
back MP3 audio files. The Company assumes no responsibility to update any
information posted on its Web site.
The conference may contain forward-looking statements made by the Company that
involve risks, assumptions and uncertainties that are difficult to predict.
Investors are directed to the information contained in the Company's Annual
Report on Form 10-K, filed with the U.S. Securities and Exchange Commission, for
a discussion of the risks that may affect the Company's operating results.
Actual results may differ.
P.A.M. Transportation Services, Inc. is a leading truckload dry van carrier
transporting general commodities throughout the continental United States, as
well as in the Canadian provinces of Ontario and Quebec. The Company also
provides transportation services in Mexico through its gateways in Laredo and El
Paso, Texas under agreements with Mexican carriers.
Certain information included in this document contains or may contain
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements may relate to
expected future financial and operating results or events, and are thus
prospective. Such forward-looking statements are subject to risks, uncertainties
and other factors which could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements.
Potential risks and uncertainties include, but are not limited to, excess
capacity in the trucking industry; surplus inventories; recessionary economic
cycles and downturns in customers' business cycles; increases or rapid
fluctuations in fuel prices, interest rates, fuel taxes, tolls, license and
registration fees; the resale value of the Company's used equipment and the
price of new equipment; increases in compensation for and difficulty in
attracting and retaining qualified drivers and owner-operators; increases in
insurance premiums and deductible amounts relating to accident, cargo, workers'
compensation, health, and other claims; unanticipated increases in the number or
amount of claims for which the Company is self insured; inability of the Company
to continue to secure acceptable financing arrangements; seasonal factors such
as harsh weather conditions that increase operating costs; competition from
trucking, rail, and intermodal competitors including reductions in rates
resulting from competitive bidding; the ability to identify acceptable
acquisition candidates, consummate acquisitions, and integrate acquired
operations; a significant reduction in or termination of the Company's trucking
service by a key customer; and other factors, including risk factors, referred
to from time to time in filings made by the Company with the Securities and
Exchange Commission. The Company undertakes no obligation to update or clarify
forward-looking statements, whether as a result of new information, future
events or otherwise.
P.A.M. Transportation Services, Inc.
and Subsidiaries
Key Financial and Operating Statistics
(unaudited)
Quarter ended
March 31,
2005 2004
---- ----
Revenue, before fuel surcharge $80,108,475 $77,673,436
Fuel surcharge 6,083,317 2,447,338
----------- -----------
86,191,792 80,120,774
Operating expenses:
Salaries, wages and benefits 31,005,105 30,397,965
Operating supplies 22,653,415 18,377,649
Rent/purchased transportation 9,831,642 9,762,252
Depreciation/amortization 7,466,870 7,468,871
Operating taxes and licenses 3,953,772 4,011,295
Insurance and claims 4,098,764 3,988,557
Communications and utilities 699,091 707,586
Other 1,308,041 1,348,805
Loss on disposition of equipment 16,749 259,317
----------- -----------
Total operating expenses 81,033,449 76,322,297
Operating income 5,158,343 3,798,477
Other income/(expense):
Interest expense (253,842) (350,243)
----------- -----------
Total other income/(expense) (253,842) (350,243)
----------- -----------
Income before income taxes 4,904,501 3,448,234
Provision for income taxes 2,001,114 1,417,417
----------- -----------
Net income $ 2,903,387 $ 2,030,817
=========== ===========
Diluted earnings per share $0.26 $0.18
=========== ===========
Average shares o/s - Diluted 11,326,798 11,321,279
=========== ===========
Quarter ended
March 31,
Truckload Operations 2005 2004
- -------------------- ---- ----
Total miles 57,519,631 61,128,365
Empty miles factor 5.13% 4.75%
Revenue per total mile,
before fuel surcharge $1.22 $1.10
Total loads 77,835 82,700
Revenue per truck per work day $611 $561
Average company trucks 1,776 1,773
Average owner operator trucks 74 99
Quarter ended
March 31,
Logistics Operations 2005 2004
- -------------------- ---- ----
Total revenue $10,028,099 $10,544,059
Operating income $436,458 $544,455
Quarter ended
March 31,
2005 2004
---- ----
Long-Term Debt to
Book Capitalization 14.61% 14.29%
Shareholders' Equity $171,509,273 $158,916,392